Four Ways How Big Data Can Help SMEs Grow

Everyone seems to be talking about Big Data. However, the application of Big Data is not limited to only big organizations. This excerpt delves into various ways entrepreneurs or SMEs can make use of Big Data to fuel big advances to their brands.

From a humble beginning as a tech jargon to going mainstream, Big Data has become a reality for corporates and marketers across the globe. While smaller corporates have less self-produced information than huge players like Google or Facebook, this doesn't rule out their adaptability of Big Data. Truth be told, from multiple points of view, Big Data is more suited to SMEs since they're more coordinated and ready to act more rapidly on data-driven insights, than their larger, global counterparts. In fact, it’s mostly due to this usage that the Big Data industry is expected to almost double by 2020. The following pointers would help SMEs infer the importance of Big Data for their growth:

Understanding clients' engagement and buying journey

Because of Big Data, independent ventures can now see a bigger picture of their client’s journey – what influences them to tick, what they purchase, how they like to shop, why they switch, what they'll purchase next, and what factors lead them to switch. Organizations can likewise better connect, analyze and closely examine feedback from clients to enhance their service experience. Trusted sources include conventional in-house information (like sales data and client service logs), social media platforms and content analysis. Digital platforms have turned into a significant source of information and planning activities, for example, recognizing niche and analyzing feedback from consumers. Twitter – where all discussions are adequately held in broad daylight – is comparatively easy to master than other social media platforms.

Determining trends

Spotting and observing patterns and habits can enable brands to foresee consumer behavior. From where consumers land/arrive on the website to which products intrigue them, can be inferred by the application of Big Data technologies. Until now, marketers and organizations relied on trend analysis and predictions based highly on intuitions. But, with Big Data coming up the guesswork has turned to statistical analysis. The advent of social media has resulted in big stacks of data, which upon being looked closely can help identify user behavior. More so, daily trends floating over Facebook and Twitter, make it easy for brands to understand the trend and tap into the zone where the audience is comfortable. Furthermore, retail brands can map the retail, offline and online consumer behavior to ascertain purchase patterns and uplift the offline and online shopping experience. This information on other aspects of climate, financial conditions and time can be mapped to build a potential chart of what consumers are going to purchase.

Monitoring Competition

Previously, mapping competition was a tedious task. More so, it was practically impossible for smaller brands to ascertain their bigger counterparts’ moves and tactics. Competition mapping was largely limited to industry forums or snooping on adversaries' websites or shops. The ordeal was so consuming that smaller brands were left with guesswork or deployment of resources who could keep a track of their competitors’ day-to-day activities. However, nowadays you barely need to leave your work area to discover what the competition is doing. Google Trends offer complete information about a brand or item, and online networking platforms can tell what consumers think about them. But remember, it's likewise simpler for your rivals to gather more data on your business than ever. There's no chance to get around this, yet you can remain ahead of the curve by staying up with the latest on the most recent Big Data technologies and employment. Business intelligence software like CleverQ, Qliksense helps you decode stacks of data to decode industrial data in a more comprehensive way.

Enhancing operations

One of the most important factors to consider with Big Data is its application in streamlining business forms and operations. Every business form or query can be utilized to process information to make enhancements and yield proficiency. The eruption of the Internet of Things at the mass level would require machinery, vehicles and instruments to communicate with each other, while constantly collecting their working data to map the efficiency. By decoding this data, organizations can understand the working of their operations and search for methods to increase efficiency. Retail organizations can improve their stock keeping considering expectations generated from social media platforms and digital trends. This enables stores to stock up on the most famous things, ensuring they don't miss any business. Production network or delivery course improvement is another business procedure that is profiting vigorously from Big Data analytics.

Big Data is changing things, for the better. And among the changes are the emergence of professional classes of Big Data Analysts, Data Scientists, and others, mostly originating from Mathematical and/or Programming backgrounds. However, a Big Data Certification can help anyone up their levels and enter other strategy based professions as well. Big Data, as the name suggests, is a big opportunity waiting to be grabbed.

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